Posted on
November 17, 2009
at
4:29 am
What happens to debtors that are past due on their credit cards? Would they be reported to the police or something? What if they can\t pay anymore?
Posted on
November 17, 2009
at
4:51 am
Past due on credit cardsOh no, the creditors after 5 to 6 months would write off your account (to IRS) as it is already considered a bad debt. Bad debts are those that don't have a chance of getting collected - so they pass it on to a third party collection agency where it has a chance of at least getting something.You won't go to jail for not being able to pay your debts. You might get sued and somehow be forced to pay.
Posted on
November 17, 2009
at
4:54 am
Past due on credit cardsWhat revived path meant by forced - if the collection agency/attorney sues you and obtained a judgment - you won't have a choice if your wage is garnished, your bank levied, or if a lien is placed on your property. But this is not instantaneous - it goes through a process. You'd have time to respond to this.
Posted on
November 17, 2009
at
5:03 am
If you are past due on your accounts and your total balance amounts to more than $10,000 you can do debt settlement to get rid of your debts. Debt settlement can reduce your balance to more or less half and your monthly payments would be lowered as well. Get rid of your debts and fear not the threat of being sued anymore.
Posted on
November 17, 2009
at
5:06 am
If you are past due on your credit cards and you can't afford to pay them anymore - you would have to come up with proof that that is the case. You can be considered insolvent then. I just don't know if that's a temporary thing or not.You may also - approach your creditors and ask about their hardship program. If you can show proof that you can only pay a certain amount each month, who knows, they might let you.
Posted on
November 17, 2009
at
5:09 am
Just to add to debt settlement - if you are past due on your credit cards plus your debt is $10,000 and you're wondering how much it is that you need to pay for debt settlement --For a $10,000 it's $150/mo.Debt settlement companies will charge 15% of the total debt amount spread over 18 months or take a percentage of the settlement amount (20-25%)
Posted on
November 17, 2009
at
5:11 am
If you are past due on your credit cards and have anymore questions, destroydebt.com is offering a free initial debt consultation, just fill out a form.
Posted on
November 20, 2009
at
11:04 am
In regards to what Sunshine posted,There are a number of companies and a number of programs you can enroll in, i know of a few companies that only require 5,000 dollars of total debt and the payment plans can be extended or decreased based on your financial situation so your payments will be larger on a 12month term rather than a 48month term so just check out all your options and do whats best for youif you want a little more information just send me a message
